Japan's Financial Services Agency has explicitly classified JPYC, the issuer of the yen-denominated stablecoin, as a "money mobility service provider."

CoinFeed reported on April 28th that, according to CoinPost, Japan's Financial Services Agency (FSA) has, for the first time, explicitly classified JPYC, the country's first yen-denominated stablecoin issuer, as a "money flow operator" in its official publication, *Access FSA*, placing it under the same legal framework as payment services like PayPay and Rakuten Pay. FSA officials explained that, from an economic perspective, the process of a user paying JPYC 10,000 yen to receive an equivalent amount of stablecoins, the stablecoins circulating in the market, and the eventual holder applying to JPYC to exchange them back for yen essentially constitutes "money flow." Money flow operators are divided into three categories, and JPYC falls into the corresponding category, bearing the obligation to protect at least 100% of users' pre-deposited assets; even if the operator goes bankrupt, users' funds are generally fully refunded.